Washington, D.C., September 25, 2009 — SunEdison, a solar energy services provider, received its first grant in lieu of an investment tax credit, as provided by the recovery act.
SunEdison has identified close to 200 MW of distributed solar energy projects that could be accelerated by the grant program. SunEdison’s first $992,000 grant was for a 443-kW photovoltaic solar system at Owens Corning’s facility in Kearney, NJ.
Created as part of the recovery act, section 1603 provides a cash payment in lieu of the investment tax credit of up to 30 percent of qualifying project costs. The payments improve project viability and enhance liquidity for projects by attracting new investment, thus enabling companies to create and retain jobs.
SunEdison installs and operates distributed power plants using photovoltaic technologies for its commercial, government and utility customers.